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Wednesday, 12 January 11
BULKER DELIVERIES WEIGHING IN ON FREIGHT RATES KEEPING SENTIMENT ON A NEGATIVE MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 A flurry of new buildings still hitting the water has caught up for good with the freight market, with capesizes unable to weather the storm. With rates now closing in to $10,000/day for a capesize, it’s just a matter of time before some owners at least begin considering even the option of layoffs, as the market’s downturn is such that it could simulate the conditions prevailing during the financial crisis of the final months of 2008. Of course, global dry bulk trade is far from the state it was back then, demand for goods is solid and the global economy is in a large part recovering, although at a slower than expected pace.
Still, capesize rates have kept on falling, ending yesterday down by 3.86 percent, according to the Baltic Exchange. This meand that the market for capesizes has fallen by more than 25% since Christmas Eve. “Although the Atlantic held up for a while, by the end of the month it had attracted ships from the Pacific, ensuring rates softened in both markets” said shipbroker BRS (Barry Rogliano Salles) in its weekly report. As a whole the BDI fell by 1% yesterday to reach 1,480 points a new low in more than two years. The only bright spot seems to be the Panamax market, which has continued to find support and widening its gap in terms of daily earnings from its larger counterpart, the capesize segment.
According to N. Cotzias Shipping Group, “the negative trend that was there during week 51 of 2010 continued well into 2011 and the overcapacity issue that we had repeatedly warned the markets from late 2009 is here to cause more headaches during 2011. We expect the indexes to further reduce their values at least in the larger size segments and any possible recover will be temporary and short lived. What is worth stating is that as long as the developed world markets don’t get seriously into a post –recession stage, and keep operating at idling speeds then the rest of the world and the shipping markets can’t rely solely on China to keep producing the steam for all the world. The load on China’s back is too heavy and unless there is another China… invented in 2011 we feel that the scales that measures the rise in demand for seaborne goods vs the rise in supply of new dry cargo ships will heavily tip over one side… and we all know which side of the scales is already heavily imbalanced!” said the company in its latest report.
As far as overcapacity goes, Cotzias notes that there is a total of more than 3,500 dry bulk carriers on order pending until 2014 of a total of 250mil tons dwt. “These orders are split chronologically as follows: 1854 ships are due for 2011 making up a total of 128mil dwt, 1106 ships due in 2012 of 87mil dwt and 360 ships of 30mil dwt due for 2013-2014. In total there is a massive orderbook only on the Bulkers section and we should not understate the fact that 2011 faces us with more than 55% of the total orderbook scheduled for delivery and that we should also include in this 114 orders of 4mil dwt that are “carried forward” from 2010. The outlook looks worst for Supramax size segment where the total fleet adds up to 69mil dwt tons and has more than 36mil tons to come in the next 2 years included the ships that are “brought forward” as outstanding orders from 2010 (58% possible increase in the next 2 years). The second worst size segments are the VLOC’s andthe Post Panamax sectors that have nearly as much capacity coming within the next 2 year period as the fleet sums up today (we observe a near 100% increase over the next 2 years). The Handymax size segment is looking much better as the orders here are minimal and have also a very largely over-aged fleet with more than 70% being 20 year + in age and the new building orders not exceeding 4mil tons of extra carrying capacity. The Capesize size segment is also largely on threat as the present fleet amounts to 183 tons presently with more than 69mil tons on order until 2012. This will lead to a 38% increase in the fleet that will be shocked by the addition of 25mil more in the larger Very Large Ore Carriers that will act not as a domino effect but more like the Cliffhangers that when one falls over… the weight and pressure is put on the others still hanging solidly on the cliffs to support the rest” said the shipbroker.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 02 September 10
PLN ASKED TO USE LOCAL COAL
Tempo Interactive reportd that, the Indonesian Mining Association Executive Director, Priyo Pribadi, has called on the state-run electricity company ...
Thursday, 02 September 10
NALCO OPEN TO EQUITY DILUTION IN $3.9 BN PROJECT IN INDONESIA
Business-Standard reported that, state-owned Nalco today said it is considering selling stake in its $3.9 billion (over Rs 18,000 crore) aluminium p ...
Thursday, 02 September 10
DRY BULK MARKET GAINS MOMENTUM TO INCREASE, WITH CHINA ONCE AGAIN TO THE RESCUE
With predictions from Chinese officials stating that the country’s iron ore imports during 2010 could surpass the record amounts of 2009, the ...
Wednesday, 01 September 10
STC BAGS NTPC ORDER TO SHIP 12 MT COAL
My Digital FC reported that, The State Trading Corporation (STC) has bagged NTPC’s tender to ship 12 million tonnes coal from Ind&sh ...
Wednesday, 01 September 10
JAKARTA TO HOST MAJOR INTERNATIONAL MINING EVENT
COALspot.com: (Press Release) In October 2010, the Indonesian Mining Association (IMA) and the Indonesian Coal Mining Association (APBI) will host t ...
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- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
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